The idea behind it is to help retailers with common issues including high interchange fees, slow settlement times, card skimming and chargebacks.
RowanPay hopes to change that by shifting traditional payment processing with new blockchain technology, the release says.
The network will go seamlessly with traditional payments and merchants are settled in 24 hours, according to the release. It will also assist processing B2B and cross-border payments.
The RowanPay network was built from the ground up, according to the release, and focuses on “security, speed and scalability.”
The data is encrypted, and the blockchain has an immutable nature that won’t allow data to be changed.
The release says RowanPay will launch its escrow project later this year.
The rise of blockchain and cryptocurrencies will be able to address some of the pain points of regular cross-border transfers, with a more global approach arising, and showing the weaknesses such as a lack of visibility, lengthy processes and high fees.
Crypto and digital currencies are able to address these things through cutting out the middle man of the inter-banking system and allowing things to go faster.
Cryptocurrency transactions can also help with B2B payments, with accounts receivable (AR) teams able to help with visibility and predictability in incoming payments. That said, not many AR teams have adopted crypto as of yet, as they aren’t “business friendly,” with existing digital offerings needing numerous steps and long identification numbers.
And despite skepticism from B2B operations as to how well crypto will work, recent transactions and projects through various countries’ central bank digital currency initiatives (CDBC) and high profile companies like Tesla buying in may have potential to change the course.